Unai Emery’s side have enjoyed an excellent start to the season – but are still looking to strengthen in key areas.
Aaron Ramsey looks as though he is off to Bayern Munich on a free transfer so Emery will need a replacement for the dynamic midfielder.
Step forward Nicolo Barella.
The Italian youngster might only be 21 years old but he has already broken into Roberto Mancini’s Italy side after an impressive start to the season at Cagliari.
He is one of the hottest young talents in Europe and his box-to-box style has drawn comparisons with Liverpool legend Steven Gerrard.
However, the Gunners could face stiff competition from Chelsea, AC Milan and Roma, who are all also reported to be interested.
Despite his young age, Barella has already been forced to come out and clarify his future to the press.
“I’m not the one who sorts out the transfers,” he previously told Sky Italy.
“It’s the agents, presidents and clubs who do that.
“I only think about Cagliari and to stay up in the league. We’ll see about the rest.
“The interest from big clubs is pleasing, and makes me proud. It means I’m doing the right things.”
Elsewhere, defence appears to be the main problem for Emery.
They have just two clean sheets in the Premier League all season, which is the same as Cardiff – and one fewer than Burnley and Crystal Palace.
And they will now turn to Manchester United – who, incidentally have only one shutout this term – to solve their defensive woes.
Eric Bailly is clearly surplus to requirements at Old Trafford, having not featured for Jose Mourinho’s side since being hauled off in the 3-2 comeback win at Newcastle last month.
Emery is reported to have even gone so far as making an initial enquiry about his availability.
Once again, AC Milan could rival them for his signature.
United are understood to be keen to get him off the books as they need cash to fund their own January spending spree.
Further forward, Arsenal are desperate for a new attacker after Danny Welbeck suffered a horror ankle injury against Sporting Lisbon that could end his season.
Gunners were linked with Lille sensation Nicholas Pepe long before Welbeck was ruled out.
They were initially thought to be holding out until the summer but might now be prompted into action in the winter window.
Expert Guillem Balague claims they have already approached the Ligue 1 club, who are said to be holding out for a fee of around £43million.